...............Significantly, the Deepak Mohanty Committee Report pointed out that recent experience had suggested that the response to the RBI's debt buyback was less than expected even under high liquidity shortage conditions. It said that market participants preferred to access the RBI's LAF window rather than meet their liquidity needs through OMOs. In fact, it is time for a review committee to be appointed to go into the working of the LAF for possible fine-tuning. The RBI needs to announce the concept of liquidity that underpins its policy.
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